Saudi Arabians are spending 10 times more on interiors than a year ago, as they seek to add value to their property investments according to the Middle East’s largest private developer DAMAC Properties.
A report by Ventures Middle East predicts that Saudi’s interior spend in 2011 will grow to SAR1.29 billion, up from SAR127.5 million last year. The same report also forecasts spending on interiors will rise by a further 71% in 2012.
“We are now seeing a very strong trend in spending on interior design. As the largest private developer in this region, we have recognised this strategic opportunity and have partnered with Italian fashion brand Versace to develop the first Versace-branded apartments in Saudi Arabia” said Ziad El Chaar, Managing Director of DAMAC Properties.
Whether a property is being purchased as an investment or as a place to live, distinguishing features are becoming increasingly important to ensure the value of the property continues to grow. After location and internal floor space, interior design can be a defining factor in the purchase decision.
“Investors and homebuyers are searching for something unique, and our partnership with Versace creates a point of difference compared to other residential properties on the market” El Chaar added.
In the oil-rich Kingdom of Saudi Arabia, extravagance, decadence and opulence define the customer tastes for residential property interiors. As a high-end luxury developer, DAMAC Properties was aware of the need to develop an interior design concept for its Jeddah development ‘Al Jawharah’ that would surpass the expectations of the country’s social elite and even the most discerning luxury connoisseur.
To this end, DAMAC Properties, in its collaboration with Versace Home Interiors, has developed a distinguished interior design concept which will produce the most exclusive residential apartments in the Kingdom. The top ten floors of DAMAC’s Al Jawharah will feature DAMAC Residences with Interiors by Versace Home.
“The name “Al Jawharah” means the “jewel” of the Red Sea in Arabic, and the concept for the interior design was to create the illusion of walking into a jewellery box, filled with precious gems” El Chaar commented.
At the entrance to the double-height Grand Lobby, the Versace Medusa logo has been incorporated in the marble flooring to immediately convey a sense of Italian luxury.
The emerald marble has been continued from the floor into the walls, framing the mirrored panels, to create an illusionary l journey through the jewellery box. The tiny down-lights scattered across the ceiling, glisten and sparkle like polished diamonds.
“We recognize that interior design is one of the major reasons a customer chooses a particular apartment over another with similar specifications. Property investors are advised to consider interior design at the point of purchase, to ensure strong capital growth in the years to come” El Chaar noted.
DAMAC Properties is well established in Saudi Arabia, having been one of the first international developers to be granted a license, under the jurisdiction of the Kingdom’s new real estate laws, to develop and sell properties off-plan.
The developer is currently constructing Al Jawharah Tower on the Jeddah Corniche. The development was recently awarded the Arabian Property Award for ‘Best High Rise Architecture.’ At 47 storeys, Al Jawharah will be one of the tallest towers in Jeddah, and among the tallest developments in the country. Construction is currently up to level eight, with block work up to level three.
Saudi Arabia is forecast to become one of the best performing real estate markets in the world in 2012, according to DAMAC Properties.
With investment bank Rasmala predicting five per cent growth in house prices over the next two consecutive years, Saudi Arabia’s property sector is poised to become one of the world’s leading property markets.
DAMAC Properties is a large well capitalised developer, with a proven track record for delivery. The leading independent developer is continuing with its commitment to deliver its luxury development concept to the Saudi Arabian property market.